Costa Mesa, California-headquartered SaaS loan origination technology solutions provider, LendingQB [1], has announced a partnership with the STRATMOR Group [2] to provide lenders with the MortgageSAT Borrower Satisfaction Program. This management tool gives lenders the control, visibility and context they need to manage and improve the borrower experience.
This integration will help customers of LendingQB survey every borrower within 24 hours of closing. Direct, instant borrower feedback, along with deep insights about the loan process and the people involved, will enable lenders to pinpoint sources of borrower dissatisfaction and quickly take corrective action. MortgageSAT scores everyone (the loan officer, processor, underwriter, and closer) and measures the borrower’s perception of the entire loan process with analysis by region, branch, and the individual employee. The MortgageSAT program launched recently with select lenders across the country.
Through this integration, lenders who were previously limited to measuring success based only on internal measurements and historical results will now have access to benchmarking data that shows how their satisfaction and Net Promoter Score (NPS) compare to their peers. MortgageSAT’s National Benchmark data is available 24/7 in a real-time web portal.
“In virtually all industries, research shows a strong correlation between increased customer satisfaction and increased revenue and profits,” said Mike Seminari, MortgageSAT Director at STRATMOR Group. “A 16-year study based on data from the American Consumer Satisfaction Index (ACSI) reported that companies showing year-over-year growth in satisfaction ratings grew at fourteen times the rate of the market. MortgageSAT makes it easy for lenders to gather feedback from borrowers in minutes, and to respond to borrower concerns quickly. This means lenders can mitigate their risk of bad online reviews, CFPB complaints, and even negative word-of-mouth from borrowers. And the positive feedback can be shared automatically.”
“MortgageSAT brings an incredibly important tool into play for lenders seeking to enhance the borrower experience,” said David Colwell, VP of LendingQB strategy. “Integrating with MortgageSAT allows our clients to successfully analyze their borrower experience and strategically identify and capitalize on lender improvement by fine-tuning gaps within their lending process.”